Peter Bubel+ by | Jul 13, 2017 | Blog, Peter Bubel, Property Management
As a property manager, this is one of the oldest stories: a property that has a whole lot of potential, but have got a long way to go before that potential is realized. “Fixer-Uppers” can be great investments, and more often than not are, but at the same time, it goes without saying that getting a return on that investment requires a lot of time, effort, and of course money. Before you start working on a fixer-upper, it pays to know what you’re getting yourself into. I recently read a post on the site Zillow, sharing some things you should know if you’re going to work with a fixer-upper. Here they are:
Check out zoning: Municipalities have their own zoning districts, each one with their own specific laws about what’s permitted where. If you want to research the zoning requirements for an area, visit the municipality’s website, or reach out to a staff member with any questions you may have.
Call in an inspector: Home inspectors are great for figuring out any structural issues so they can advise you on what needs to be fixed and/or replaced. Find an inspector that isn’t too biased but also, more importantly, is going to be working for you. Inspectors know to ask about things other people would never even know about, but will save a world of trouble in the future.
Hire a contractor/architect: Architects and contractors can offer a unique take on how you can improve a place, as well as point out if a home’s load-bearing walls can be moved. Look for references when you’re looking for a contractor; you want somebody you can trust and who can offer good insight.
Research tax incentives: Many regions, particularly bigger cities or up-and-coming places, offer tax credits for improving the value of a property. Do your homework and see if there’s anything available for you!
Peter Bubel+ by | Jul 11, 2017 | Peter Bubel, Property Management
When I first got a smartphone, I was amazed at how many different “apps” I could download onto my little handheld device. Whether I wanted to play solitaire or get an update on baseball season (go Phillies!), it felt like there was an app for just about everything. And since then, there are only more apps. Best part? There are a lot of apps to facilitate property management! I didn’t know about a lot of these, but then I read an article talking about a few of them. So I thought I would share them with you:
AppFolio: If you need to fill a vacancy fast, then AppFolio lets you post an ad over numerous platforms. Instead of limiting you to AppFolio, it lets you post on all of the top ad sites with literally the tap of a finger. If you want to see what’s working, it even offers stats and reports!
Houzz: This interior design app connects property managers with people across various industries: architects, decorators, contractors, you name it. It also offers a forum so you can get input from professionals.
RentTracker: If you have a lot of tenants who you need to keep track of, then RentTracker lets you keep track of their payments. Tenants are also able to use the app to pay their rent, and it sends them email receipts.
PayByGroup: If, as often happens with multiple tenants living in a single building, there’s more than one person paying rent, then this is a great app, allowing property managers to see who is paying what. It’s typically used for vacation rentals, but it works just as well for residential renting.
My Inventory Manager: If you’ve got multiple properties spread out, and have trouble keeping track of all of them and what’s in them, then My Inventory Manager helps you keep track so that tenants won’t take any of your stuff when they leave.
Happy Inspector: Through an organized approach to property inspections that eliminates the pen and paper checklists, Happy Inspector claims to reduce the time spent on creating inspection reports by an impressive 80 percent.
DIY Landlord: This landlord app lets managers organize their properties by unit, lease, and tenant information. It also allows them to enter rent payments and expenses, as well as run financial reports, then put those into a PDF to send to tenants.
Yardi Mobile Solutions: This app, more geared towards the real estate side of the business, allows professionals to archive emails and review contracts, deals, and leads. Sort of like a jack-of-all-trades app, it helps with inspection data, lets maintenance techs access their work orders from the field, and even lets property managers quickly approve invoices.
Peter Bubel+ by | Jun 10, 2017 | Blog, Pennsylvania, Peter Bubel, Property, Property Management, Reading
There are a number of job opportunities out there, but what’s important is that when you do find a job, you like where you are. Property management is one such career that you could consider. It includes maintenance of buildings, overseeing the collection of rent, managing statistics for the properties which are under management, helping tenants move out, and essentially everything related to the rental of property.
Now, if you’re wondering whether this is the job for you, here are a few reasons why you should consider it:
1. You will be working with a variety of people
You will be working with clients, tenants, subordinates, supervisors, contractors and a number of other people. Here, you’ll be responsible for resolving conflicts, negotiating contracts and a number of other things. This will help you develop your people skills and give an edge to your professionalism. Also, by working alongside different people, there are great chances that you could run into someone who might have a major impact on your career.
2. Opportunities for growth
If you are a person who wants to take their business to the next level and keep advancing, property management is the right job for you. The property management field is growing with numerous opportunities in corporate sectors and field management. It is a great way to take your career to a higher position and keep progressing.
3. Rewarding income
Are you looking to make some good money? This is totally the industry for you! You’d be pleased to hear that property managers are paid really well. The average annual salary of a property manager ranges between $45,000 to $65,000. It can increase as you gain experience in the field and get more number of properties in your portfolio.
4. You won’t have to sit in your cubicle the whole day
This is the exciting part of the job. Who wants to sit at a desk for a whole 8 hours? Also, consider the health conditions that you’ll be exposing yourself to by doing so. You don’t have to worry about that anymore. In property management, you’ll be making visits to the sites in your portfolio, while also managing administrative tasks.
5. You don’t need any particular degree
You are probably worried whether you have a qualified degree for the job. Well, you don’t need a specific one as such. If you have good communication skills, morals and a good amount of motivation, you’re set to go! The company will be training you anyway.
Peter Bubel+ by | May 31, 2017 | Pennsylvania, Peter Bubel, Property, Property Management
Property management is not a formal university educational role or any technical field. Owning a property makes you a property manager and a landlord, though they may not be one and the same person at times.
What Does The Role Entail?
A property manager’s first accountability is to the law, second to the landlord, and third to the tenant. The law varies from location to location and property managers ought to be well-versed with local ordinances to ensure success in their commerce.
To cement the credibility of the property managers, there are different certifications and licenses which enable them to make their position in the market more recognizable.
A certification is an invaluable asset to your career as a property manager. They help you in sustaining the faith of your clients. Many localities require the manager to obtain a property management license to conduct business in a particular district. These licenses can be acquired by paying a predetermined fee and passing a test.
Most of the licenses are available through online guidance and instructions. There are a number of sites which provide property management training online.
You may have to provide enough documentation proof to validate your professional experience in the area. Thus, to become a property manager, it is advisable to acquire one of these certifications, particularly a real estate license and CMCA.
Few of the top commercial and residential certifications and licenses for property managers are:
- CMCA (Certified Manager of Community Associations)
This certificate is created by Community Associations Institute (CAI). This is one of the most useful and significant certificates that a property manager should possess.
The managers are made members of the organization which bestows this certificate. They are constantly updated about the various property related laws and the amendments therein. It helps them to be well-versed and get their front foot in the market.
- CPM (Certified Property Manager)
To qualify for this certificate is not a cakewalk. It is one of the highly respected and credible certifications, and is awarded by the Institute of Real Estate Management (IREM).
Other certificates which IREM provides are ARM (Accredited Residential Manager), AMO (Accredited Management Organization), and ACoM (Accredited Commercial Manager)
- CAM (Certified Apartment Manager)
This certificate is awarded by the National Apartment Association (NAA). It majorly deals with apartment rentals. The programs of CAM are available online. This certification requires the candidate to undergo a series of courses, complete a project and pass an examination.
Peter Bubel+ by | May 1, 2017 | Blog, Peter Bubel, Property, Property Management, Real Estate
Rental properties can either be money making machines or money pits. Like so many other things in life, however, by spending a little bit of money on your rental property, you can not only charge a higher rent, but you will attract better renters. When it comes to choosing the right renters, there are no 100% guarantees. Even the most well-off renters can trash a place and skip out on paying rent. There are ways, however, to at least hedge your bets and having a clean, attractive property that is attractive to solid renters is your best bet. Here are 5 quick tips for beautifying your property to attract the best renters.
- Paint an accent wall or two in a dark, neutral color
One of the things many renters hate about rental properties is bare white walls. While white walls fit in with any renter’s decorating scheme, an accent wall immediately makes your property look more high end. While some people may not care for the accent wall, the potential renters that will love it far outweigh the ones who might not.
- Do a simple renovation in the kitchen
Renters love knowing that their living space was recently upgraded and it doesn’t have to cost a fortune to do it. If you really want to create a splash, you can have cabinetry painted in a more modern color, but there are also simpler things you can do as well. Installing a tile backsplash or upgrading the hardware on cabinets will all go a long way to improve the look of the kitchen.
- Laminate floors
While carpeting may be significantly cheaper up front, carpet gets dirty fast and has to be replaced more often, particularly if renters have pets. Laminate floors are durable, long lasting and significantly more resistant to pet stains, odors and cat dander. Not to mention they give a high-end, modern look to your rental.
- Clean grout
Giving grout a thorough cleaning will freshen up the look of any tile and make it look brand new.
- Do a simple bathroom renovation
Much like with the kitchen, there are a number of simple bathroom renovations you can do to significantly enhance the look of the bathroom. Consider changing out bathroom hardware for something slightly more durable and modern, paint the vanity and change the hardware or even spend a few hundred dollars to update the bathtub.
Peter Bubel+ by | Apr 6, 2017 | Blog, Peter Bubel, Property, Property Management, Reading, Real Estate
Contrary to popular belief, the life of a property manager isn’t as glamorous as you think it would be.
In fact, the daily tasks of a property manager change so often and are spread across so many areas that it’s hard to pin down the exact definition of what a property manager does. For simplicity’s sake, it’s best to just think this: property managers do it all.
Pick a hat, any hat.
There are several aspects of a property manager’s day that are very typical. These include the simple office tasks that anyone within the real estate and management spectrum would do: responding to emails, answering phone calls, putting out any fires (hopefully only figuratively speaking), and meeting the needs of clients. Essentially, however, a property manager is responsible for the daily operations of a real estate investment. This investment could be a single home, an apartment complex, or several complexes.
Property managers are expected to handle everything from setting or adjusting rent costs, to calming an angry tenant. A successful property manager must be able to multitask and handle many different climates of conversation, including the difficult task of evicting tenants. While it may seem very cut and dry, a manager’s day is always full of the unexpected, and they must be able to tactfully handle every situation thrown their way.
Aside from collecting rent checks and maintaining a friendly atmosphere for tenants, property managers have quotas to fill. There are always goals in any management level of a company. Filing taxes and managing a building’s budget costs are large parts of the job that often go unnoticed as they don’t directly deal with tenants. Managers also often have pressures to secure a certain number of tenants for any given building. This will require the set-up of many showings, the review of many applications, and running all of the credit and background checks on tenants to secure their approval for residency.
All in a day’s work.
What many may not realize is that there are an infinite number of reasons that someone would call, email and need their property manager. This requires managers to act professionally but also to have a good sense of humor in order to get through the day.
A recent article on the subject recounts the busyness of a manager, stating, “We are busy, even when the residents don’t see it.” This says a lot about a property manager’s responsibilities and about how much work goes on behind the scenes.
If you think about it, your property manager is your sole point of contact for when you lose your keys or get locked out of your building, discover a leaky pipe or broken air conditioner, and when you have to make a formal complaint about a neighbor. It’s important to be kind to your property managers, as they have a ton of tenants that are likely calling or emailing about the same things.
Most importantly, property managers have a passion for people. While they may be up to their eyeballs in paperwork and applications, a good manager will always carve out time to take care of a tenant’s needs. The next time you see your property manager running around, give them a wave and a smile – it’s very likely that they are headed to handle something unpredictable and unexpected.
